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CA Mitesh and Associates - Chartered Accountants Mumbai

 

Cryptocurrency Tax and Accounting Services. We clarify crypto taxation doubts to those who currently trade and hold cryptocurrency.

Ten Things to do before 31st March 2023 India

Today we will discuss the Ten Things to do before 31st March 2023 India for Tax Saving and Compliance. This is applicable for both Individuals and Businesses. Investing in order to save on taxes is always a wise decision. There are various types of investments…

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UK adds Crypto Declaration in Tax Forms 2023

UK adds Crypto Declaration in Tax Forms 2023 and this was recently announced by Chancellor of the Exchequer Jeremy Hunt in the annual budget on 15th March 2023. The UK government will be introducing modifications to the Self Assessment tax return forms that will require…

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USD Coin (USDC) plummets to all-time low

USD Coin (USDC) plummets to all-time low after Circle reveals $3.3bn reserves held at collapsed Silicon Valley Bank. Should you be worried about it? Do you use USDC for crypto arbitrages? On Saturday, the value of USD Coin (USDC), the world's fifth-largest cryptocurrency, reached an…

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Crypto brought under Anti-Money Laundering Law in India 2023

Yesterday, Government issued a notification wherein Crypto was brought under Anti-Money Laundering Law in India 2023. The Indian government extended the scope of the Prevention of Money Laundering Act (PMLA) to include digital assets, including cryptocurrencies, fiat currencies, virtual digital assets, and other related financial…

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Risks of Crypto Investing 2023

Crypto investing in 2023 remains risky due to market volatility, uncertain regulation, and the ongoing threat of cyberattacks and scams. As with any investment, thorough research and caution are essential before making any decisions. Cryptocurrencies are highly volatile, meaning their value can fluctuate rapidly and…

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How to reply to Income Tax Notice u/s 142 (1)

Notices are issued by the income tax department under the various provisions of the Income Tax Act to the assesses with the purpose to assure greater tax compliances. You may benefit by reading this article on Types of Income Tax Notices a person may receive…

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Crypto investors to face brunt of 20% TCS

The Indian government used to collect a 5% tax collected at source (TCS) on LRS remittances above Rs 7 lakh until FY 2022-23. However, In the recently passed 2023 budget, this was raised dramatically to 20% and the entire 7 lakh threshold was removed. Investing…

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FEMA and Authorised Dealers

Today's article we will discuss around FEMA and Authorised Dealers (also known as ADs). What is the meaning of Authorised Dealers? What are their roles and responsibilities? What are the different categories of ADs? and so on and so forth. In Foreign Exchange Management Act,…

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Budget 2023: Crypto TDS Penalty Introduced

Last year during the Financial Budget of 2022, India introduced crypto taxation for the first time and brought all cryptocurrencies under the definition of virtual digital assets (VDAs). During the current budget, there was no changes about crypto but some new amendments were later discovered…

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Why crypto traders are receiving FEMA notices?

Why crypto traders are receiving FEMA notices? Many Crypto Traders engaged in USDT Arbitrage Trading are receiving FEMA notices. Many of these traders are receiving notices for transactions done back in FY 2017-18. And in all the cases these traders had used LRS scheme to…

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Taxability of Crypto received from referral program

Referral programs are a proven marketing tactic for various companies and industries including crypto companies, projects and coins. In this article, we shall discuss the taxability of crypto received from such referral programs. Earning crypto from referral programs is a process that involves promoting a…

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Ponzi Crypto Apps cheating people in India 2023

Recent news and analysis indicate that many Ponzi crypto apps are targeting and defrauding people in India. Many of these Ponzi cryptocurrency apps lure Indian customers and scam them by promising them high returns in short period of time.

First of all, What is 'Ponzi scheme' ?

Ponzi schemes are investment plans in which the owner or operating firm pays investors' returns from new cash raised from new investors rather than from the company's revenues. 

Crypto Ponzi schemes are crypto investment frauds that pay existing investors with funds collected from new investors. Crypto is a prime target for the masterminds of Ponzi schemes. Average investors do not fully understand the technology that crypto uses or how to evaluate a cryptocurrency as a sound investment. Unlike traditional investments where investors can dig into earnings, analyst research reports, audited documents and other required regulatory material, many crypto projects are unregulated and having anonymous founders is not unusual in the space.

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Arbitrage with Sovereign Gold Bond (SGB) India 2023

As our readers are aware, we constantly search for novel arbitrage opportunities that enable individuals to earn relatively risk-free profits. Many of our clients and traders are acquainted with the USDT INR arbitrage opportunities within the cryptocurrency markets. Today we are going to talk about…

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FAQs for Company Registration in USA

Can I start my own company in USA? Yes, you can start your own company in the USA very easily. You will need to register your company with the state, decide on a entity structure, obtain a license or permit, and get an employer identification…

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2022 India Cryptocurrency scam of 500 crores

Recently, In New Delhi, a group of investors were scammed into one of the largest 2022 India Cryptocurrency scam with a whopping sum of 500 crores rupees. All this was done on the promise of 200 percent returns on their investments. 

Aside from promising a 200 percent annual return on investment, these accused also promised their investors a 5-20 percent monthly returns, that were to be credited to the investors' bank accounts on the 5th, 15th, or 25th of every month, according to the testimony of the victims.

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